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12. Efficient Capital Markets: What does ECM mean? What are the implications of Market Efficiency for the behavior of security prices? Do you think Global

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12. Efficient Capital Markets: What does ECM mean? What are the implications of Market Efficiency for the behavior of security prices? Do you think Global Capital Markets are Eicient? Explain the historical record of Efficiency on these markets: I First market; I Second Market; I Third Market; I Fourth Market

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